In This Story
American Battery Technology Company (ABAT-6.13%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $201,960 from the sale of recycled products. This follows the initial revenue recognition in the fourth quarter of fiscal 2024.
Cost of goods sold for the quarter was $2,542,641, with cash cost of goods sold at $1.3 million after removing non-cash items. The high cost is attributed to depreciation of recycling facility assets.
The company reported a net loss of $11,694,569 for the quarter, compared to a net loss of $8,891,977 in the same quarter the previous year. The increase in net loss is due to higher general and administrative expenses and other expenses.
Cash used in operating activities was $5,552,350, while cash used in investing activities was $863,158, primarily for property and equipment acquisition.
Cash provided by financing activities was $5,182,758, which included proceeds from equity financings and private placements.
As of September 30, 2024, American Battery Technology Company had total assets of $73,832,728 and cash on hand of $5,769,036.
The company acknowledges its dependence on generating profit from operations and obtaining additional financing to continue as a going concern.
American Battery Technology Company continues to focus on the development and commercialization of its lithium-ion battery recycling and resource extraction technologies.
The filing also details various grants and tax credits awarded to the company, including a $150 million grant from the U.S. Department of Energy for a new battery recycling facility.
The company identified material weaknesses in its internal controls over financial reporting, citing insufficient personnel with appropriate technical expertise and lack of segregation of duties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Battery Technology Company quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.